With news headlines blowing up the cryptosphere with exit scams, smart contract bugs, and phishing attempts; one has to ask themselves, “how is this still an ongoing issue and how can it be solved?” Luckily, A recently developed project has been heads down into solving that question, and it seems like they found the answer.
What’s wrong with crypto today
As crypto has blown up in popularity within the past year, several “developers” are creating their own projects specifically designed to steal investor money (AKA exit scam). An exit scam typically occurs when an unreputable project creates unfulfilled promises to crypto enthusiasts in an attempt to lure them into investing. Once the project founders gather all investor funds, they flea; typically leaving an anonymous and untraceable trail behind them. Some may say that there is an easy fix to avoid getting scammed, just don’t invest in projects that are fully anonymous or unreputable. They’re wrong, and the 2 words that can explain why are smart contracts.
Blue Protocol, an ERC20 project created on October 17th, 2017, aims to provide top-level safety and security on the blockchain. Let’s be real, the average crypto investor does not know how to properly read through smart contract codes. Smart contracts have the ability to halt ALL trading of a token, infinite minting of a token, and more. Blue Protocol understands this, so what did they do? You guessed it, they built 2 new products, an ultra-secure wallet (in beta) and their blue SDK (to be released soon).
The Blue wallet
The Blue wallet was pushed through the chrome web store in January of 2018 with an aim to change crypto security forever. The goal of the wallet is to entirely redesign the security process used for the storage of digital assets while providing an extremely simple and easy to navigate user interface(unlike MyEtherWallet).
The wallet has special features that ensure the safety and security of funds. One implementation, in particular, that will change security forever is the implementation of a DECENTRALIZED Two-Factor Authentication (D2FA).
In today’s world, 2FA is CENTRALIZED only. Blue Protocol has designed a method of decentralizing 2FA, making it trustless. D2FA is never sent to servers. It works through a modular smart contract system where users assign metadata to a smart contract they control, allowing for proxy controls, identification, 2FA, and more. Here’s a graphic for a better explanation.
With D2FA being one of Blue Protocols most unique features, they also have special features such as blacklisting, white-listing, contract analysis, and fraud detection. Even though the Blue wallet comes packed with all of these user rich features, their user interface makes it seemingly easy to navigate without living in fear of messing up the security settings. It’s important to stress that although their incredibly secure wallet is their current product, it is not the only product the project was created for. In fact, their MAIN product is going to be rolled out ANY day now.
Blue Protocol is implementing an SDK that allows third parties to easily utilize their systems and standards without building every aspect from scratch. This means wallets, exchanges, and others building on the Ethereum network can greatly improve their security, while also saving development time.
Unsurprisingly, the Blue SDK (much like the Blue wallet) offers support for two-factor authentication, fraud prevention, secure asset storage, smart contract analysis, blockchain analysis, address blacklisting, address whitelisting, and anti-phishing capabilities. All of this is done through the implementation of static analysis.
What is static analysis and how does it work?
Static analysis, also called static code analysis, is a method of computer program debugging that is done by examining the code without executing the program. The process provides an understanding of the code structure and can help to ensure that the code adheres to the appropriate standards. With BLUE, static analysis will be used to find bugs or ensure conformance to coding guidelines. Static analysis will work by overlooking the code structure of token contracts by checking over certain database symbols to ensure that they are properly coded, thus allowing for a stronger and faster guarantee of bug-free coding.
Blue Protocol is a game-changing security protocol project that is going to change the crypto world forever. From an ultra-secure and unique wallet to an automatic smart contract detecting SDK, the security protocols implemented will entirely reshape the idea and implementation of blockchain security as we know it.
To learn more about the project visit www.blueprotocol.com